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Dissolving LLC Plan of Dissolution Document

For: Ambitious Royalty LLC Date: May 15, 2025

1. Business Identification:​

  • Current Legal Name of LLC: Ambitious Royalty LLC
  • New Jersey Business Entity Number: 0450048531
  • Registered Agent Name and Address: Abhinav Ray, 1 Richmond St. Apt 2011, New Brunswick, NJ 08901. Cell # 908 577 0826

2. Reason for Dissolution:​

The decision to dissolve Ambitious Royalty LLC is based on the following factors:

  • Evolution of Business Focus: This iteration of tech startup Ambitious Royalty LLC has faced challenges adapting to significant shifts in the web and software development landscape over the past nine years.
  • Drastic Changes in the Web and Software Development Landscape: Ambitious Royalty LLC had troubles managing time and resources while remaining competitive and sustainable.
  • Completion of Tax Obligations: All federal and New Jersey state tax returns have been filed and completed for all operational years of the business.
  • Lack of Sustained Profitability: Ambitious Royalty LLC has not generated consistent sales and achieved profitability over the past several years, making continued operation economically unviable.
  • Intent to Pursue New Ventures: The owner intends to establish a new Limited Liability Company under a different name in the near future to pursue evolving opportunities within the web and software development sector, reflecting the lessons learned and the changed market dynamics.
  • Strategic Reorganization: The owner is establishing a new Limited Liability Company with a specific focus on current opportunities in technology consulting, digital marketing, and software development sectors. The dissolution of Ambitious Royalty LLC is a strategic step in this reorganization.

3. Plan of Winding Up Affairs:​

The following steps have been taken or will be taken to wind up the affairs of Ambitious Royalty LLC:

  • Transition of Active Business Operations: All active business operations previously conducted under Ambitious Royalty LLC are in the process of being, or have been, transitioned to a new Limited Liability Company focused on software development. This transition ensures continuity for ongoing projects or client relationships under a more strategically aligned entity. The cessation of active business operations under Ambitious Royalty LLC is effective as of 5/11/2025.
  • Asset Liquidation: some older electronic assets have been liquidated, any remaining assets of Ambitious Royalty LLC will be transferred to the new LLC.
  • Payment of Liabilities: Ambitious Royalty LLC has no debts, creditors, or obligations.
  • Transition of client contracts and agreements: All relevant contracts and agreements related to Ambitious Royalty LLC are being reviewed, and updated for the transition to the new LLC and others being terminated as appropriate.
  • Filing of Certificate of Dissolution (or Dissolution and Termination): The appropriate filing with the New Jersey Division of Revenue and Enterprise Services to formally dissolve Ambitious Royalty LLC will be submitted concurrently or has been submitted.
  • Cancellation of Tax Registrations: All necessary state and federal tax registrations for Ambitious Royalty LLC will be or have been cancelled.

4. Statement of Intent:​

It is the intent of the members of Ambitious Royalty LLC to formally dissolve the Limited Liability Company in accordance with the laws of the State of New Jersey.

Signatures of All Members (or Authorized Person):

Abhinav Ray

Owner / Founder

5/15/2025